The Fractured Financial Landscape of the Warring States

Long before Qin Shi Huang declared himself China’s First Emperor in 221 BCE, the Warring States period (475–221 BCE) was a time of fierce competition—not just on battlefields but in marketplaces. Seven major states engaged in warfare, diplomacy, and surprisingly sophisticated economic exchanges. Each kingdom minted its own currency, creating a chaotic yet functional “international” monetary system.

Archaeological evidence reveals striking parallels in weight standards across states. For instance, Zhao’s measurement system—1 jin (斤) = 217.46 grams, 1 liang (两) = 13.59 grams, 1 zhu (朱) = 0.566 grams—closely mirrored Qin’s standards. This compatibility facilitated cross-border trade, as illustrated by a revealing anecdote from Strategies of the Warring States (Zhanguo Ce). When the exiled statesman Meng Changjun was courted by Liang (likely Wei) with offers of “1,000 jin of gold and 100 chariots,” his advisor Feng Xuan predicted—correctly—that rival Qi would match the bid to retain him. Crucially, both states’ “1,000 jin” held equivalent value, proving some monetary interoperability existed even before unification.

The Ambitious Blueprint: Standardizing Under the Ban Liang

Upon conquering rival states, Qin Shi Huang launched history’s first large-scale monetary standardization. His 221 BCE decree mandated exclusive use of the ban liang (半两) coin—a round copper piece with a square hole, weighing 12 zhu (about 8 grams). The policy was remarkably detailed:
– Currency was stockpiled in bundles of 1,000 coins
– All goods required fixed-price labeling
– No fractional payments—values below one coin were rounded down
– Theft penalties were severe, even for trivial amounts (30 days’ forced labor for stolen mulberry leaves worth less than one coin)

Yet this top-down approach faced immediate challenges. The state’s reliance on grain salaries (e.g., military officers earning 2,000 shi of grain annually) limited currency circulation. Early Han Dynasty records hint at money’s scarcity—when young刘邦 (Liu Bang) departed for corvée labor, colleagues gifted just 3 coins each (with exception of Xiao He’s generous 5 coins). Paradoxically, Liu Bang’s later bluff of donating “10,000 coins” at a banquet suggests substantial sums did exist among elites.

The Cracks in Imperial Unity: Archaeological Revelations

Excavations expose the gulf between Qin’s ambitions and reality. Key findings include:

1. Nanjiabao Hoard (Xi’an): Among 1,000 coins, most were ban liang, but混杂着战国齐国的賹化和秦国的两甾 (including Qi’s yihua and Qin’s liang zi coins). The liang zi, though equal in value to ban liang, violated standardization.

2. Zhangjiabao Tombs: Of 3,000+ excavated coins, one collector’s grave held 2,525 pieces spanning four ban liang variants and one liang zi. Archaeologists classify these into five subtypes—proof of persistent minting variations.

3. Terracotta Army Site: Coins varied wildly in size (1.9–3.1 cm diameter), with smaller specimens likely representing inflation or shortages.

Most tellingly, a tomb contained lead imitation coins and a mou cooking pot—artifacts linking its occupant to Sichuan’s Ba culture. This suggests either population mobility or the survival of regional economic practices despite imperial decrees.

Cultural Shockwaves: When Coins Spoke Louder Than Edicts

Qin’s monetary policy triggered unintended social consequences:
– Black Markets Thrived: The rounding rule encouraged price manipulation. Merchants could inflate costs just below the 1-coin threshold (e.g., pricing at 0.9 coins forced customers to pay a full coin).
– Regional Resistance: The Ba culture’s lead coins and Chu’s continued use of ant nose money reveal cultural attachment to familiar currencies.
– Creative Accounting: As Sima Qian noted in Records of the Grand Historian, actual currency values remained “unstable, fluctuating with circumstances”—a far cry from Qin’s rigid vision.

The Enduring Legacy of a Flawed Revolution

While Qin’s unification collapsed within decades, its monetary framework proved more durable. Han Dynasty rulers retained the ban liang (with adjustments), establishing a template for China’s imperial coinage. Modern parallels abound:
– The Eurozone’s struggles mirror Qin’s challenges in harmonizing diverse economies
– Cryptocurrencies echo ancient debates about centralized vs. decentralized money
– China’s digital yuan continues the millennia-old quest for monetary control

Ultimately, Qin Shi Huang’s unfinished revolution reminds us that currency is more than metal—it’s a contract of trust between rulers and the ruled. The ban liang coins surviving in tombs and hoards testify not to perfect standardization, but to the resilience of human economic ingenuity in the face of imperial ambition.

[1] Shuihudi Qin Bamboo Slips legal codes
[2] Liang zi: A Qin coin equal to half ban liang
[3] Excavation reports from Xi’an Archaeological Institute
[4] Zhangjiabao tomb analysis, Chinese Archaeology Vol.12
[5] Comparative studies of Ba culture artifacts